Presentation CEO - Shareholders General Meeting Abertis 2011
General Shareholders' Meeting 2013
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Transcript of General Shareholders' Meeting 2013
Madrid, 22nd of March 2013
Rafael del PinoChairman
Madrid, 22 March 2013
Santiago Ortiz VaamondeSecretary of the Board of Directors
Madrid, 22nd of March 2013
Agenda
Agenda• MATTERS FOR APPROVAL
1. Approval of the 2012 financial statements
2. Application of results and distribution of dividends
3. Approval of the Board of Directors' management
4. Re-appointment of auditors
5. Re-appointment of Directors
6. Remuneration system: Share delivery plan for members of the
Board with executive functions, and Senior Management
7. Authorization to the Board of Directors to acquire own shares
8. Delegation of powers
Agenda• MATTERS FOR ADVISORY VOTE
9. Annual report on Directors’ remuneration
• MATTERS OF INFORMATION10. Information on changes to the Board of Directors Regulation
11. Information on the use, by the Board of Directors, of the
powers delegated by resolution 6 of the Shareholders' Meeting
held on 22 October 2009 (empowerment to the Board to issue
debentures, bonds and other financial instruments of the debt)
Madrid, 22nd of March 2013
Quorum (provisional)
Madrid, 22 March 2013
Rafael del PinoChairman
The year at Ferrovial
• Sound financial position
• Strong cash flow
• Good operating results
• Backlog in Services and Construction
• Successful asset rotation
• Diversification of funding sources
• Superb share performance
• Excellent remuneration for shareholders
Improved financial position
• Positive net cash position at parent
company (excluding project debt): 1,489
M€
• Lower consolidated net debt (including
project debt): 5,106 M€
Operating cash flow and divestments: 1,489 M€• Operating cash flow: 909 M€
• Services: 491 M€• Construction: 100 M€• Toll road dividends: 220 M€• Airport dividends: 145 M€
• Capital expenditure: 313 M€
• Divestments: 893 M€
Good operating results
• Revenue: 7,686 M€ (+3%)
• EBITDA: 927 M€ (+13%)
• Net income: 710 M€
Backlog: 21,483 M€
• Services: 12,784 M€ • Sheffield (UK)• Treatment plants in the Canary Islands (Spain)
• Construction: 8,699 M€ • 407 ETR extension (Toronto)• US 460 (Virginia)
Internationalized business
• Consolidated• Revenue: 62%• EBITDA: 36%• Backlog: 62%
• Proportional share• Revenue: 66%• EBITDA: 66%• Backlog: 61%
Diversification of funding sources
• Bond issues in 2012:• 407 ETR: 600 MCAD• HAH: 3,000 M£
• Bank debt: • Excl. consolidated projects: 1,233 M€ (gross)
• Corporate bond issue 2013: • Amount: 500 M€• Term: 5 years• All-in cost: 3.44%
Good share performance
Ferrovial (31.12.11 – 21.03.13)
37% over IBEX-35
34% over 2011
IBEX 35
2012
-5%
2013
11.2€+20%
9.32€
31.12.2011 31.12.2012 21.03.2013
12.51€34%
-3%
52% including dividend
Proposed dividend
2012
Interim 1.00 €
Supplementary 0.25 €
Total 1.25 €
(*) Comparison of the dividend under conditions similar to today's (/4)
201020092008
0.50€
0.40(*) 0.42€
2011
0.45€
2012
1.25€
Corporate Social Responsibility
Awards and recognitions
"2011 Construction Company of the Year" in the General Contractor category
Valmayor drinking water plant, honourable mention for the Best Public Works Project of 2012 by the School of Civil Engineering of Madrid
Leader in Human Resources Best Practices
“Top Employers 2012/2013"Certification
Ecofira Innovation Award for the "Biofuel Project"
"Empresa más Igual" from the Madrid Regional Government
Salmón Prize from Expansión
Leader in terms of infrastructure investment volume
Arte Sacro Business Park and the Reading room at the Pablo Olavide University. Spanish Architecture Yearbook
Heathrow's Terminal 5. World Airport Awards: Best Airport Terminal in the World
Engineering and Construction sector
"Maji ni Uhai" project by Business in the Community's Awards for Excellence
"Social Infrastructure" programme, in the Strategic Corporate Philanthropy category.
Madrid, 22nd of March 2013
Juan Arena de la MoraChairman of the Audit and Control Committee
• Composition
• Functions
• Activities:• Financial information• Liaising with the external auditor• Internal Control Procedures• Internal Audit• Risk analysis and risk control systems• Actions relating to Corporate Governance and
compliance
Audit and ControlCommittee
Madrid, 22nd of March 2013
Íñigo MeirásCEO
2012 Results
Significant events
Businesses
2013 Priorities
Balance sheet• Good operating performance by the businesses
• Backlog: major new contracts
• Strong cash flow
• Successful asset rotation
• Improved financial position
• Ready access to the capital markets
2012 Results
2012 M€ Chg. 12-11
Revenue 7,686 3%
EBITDA 927 13%
EBIT 708 13%
Net profit 710
2012 M€ Chg. 12-11
Services backlog 12,784 3%
Construction backlog 8,699 -13%
Net cash position (excluding projects)
1,489
Consolidated net debt -5,106
Contribution, by business area
Services Toll roads Construction Airports
2012 Revenues
8,427 M€
Including equity holdings
39%
2012 Revenues
7,686 M€
5%
56%
35%
8%44%
13%
Contribution, by business area 2012 EBITDA
1,671 M€2012 EBITDA
927 M€
Including equity holdings
34%
29%
37%
19%
29%
19%
33%
Services Toll roads Construction Airports
Geographic distribution2012 Revenues
7,686 M€2012 Revenues
8,427 M€
Including equity holdings
Spain
United Kingdom
USA and Canada Poland Rest of the world
25%
38%
14%
19%
4%
34%
36%
17%
10%
3%
66%INTERNATIONAL
62%INTERNATIONAL
Geographic distribution2012 EBITDA
1,671 M€ 2012 EBITDA
927 M€
Including equity holdings
64%
16%
12%
7% 1%
34%
43%
21%
2%
Spain
United Kingdom
USA and Canada Poland Rest of the world
66%INTERNATIONAL
36%INTERNATIONAL
Net debt ex-projects
2010
20092008
2011
-1,547
31
907
-1,172
2012
1,489
2012 Results
Businesses
2013 Priorities
Significant events
Financial completion
Sheffield2,000 M£
April
August
Sale of 10.62%
HAH478 M£
December
Sale announcement
Edinburgh807 M£
Concession signed
A-66192 M€
CEO
Jorge GilFerrovial Aeropuertos
Bond issue
407 ETR400 M CAD
Julio
November
March
Dividend
Ferrovial1€ gross per share
Bond issue
HAH400 M£
Bond issue
HAH400 M CAD
February
June
October
Topping out
HeathrowTerminal T2A
Advisory
F. Qatar
Contract awarded
US 4601,079 M€
Sale of 5.72%
HAH257 M£
Inauguration
SH-130
Bond issue
HAH600 M£ / 400 M CHF
Bond issue
HAH500 M$
January
May
SeptemberInsolvency proceedings
R4
Contract awarded
407 East E.1,100 M CAD
Bond issue
HAH700 M€
Bond issue
407 ETR200 M CAD
Asset rotation: 893M€
16.34% HAH
Edinburgh(x16.7 EV/EBITDA)
Stansted(x16.0 EV/EBITDA)
2012 Results
Businesses
2013 Priorities
Significant events
Services Toll roads Construction Airports
• Cash flow: 491 M€
• Record-high backlog: 12,784 M€
• Focus on operating efficiency
• Promotion of cities and energy efficiency: Sheffield
• International development:• Contracts in Qatar and Poland
• Acquisitions in the UK and Chile
Cash and Backlog
M€ 2012 2011 Change
Revenues 2,951 2,821 4.6%
EBITDA 314 312 0.6%
Operating income 203 207 -2.0%
Operating cash flow (excluding taxes)
491 164
Results
Geographic distributionRevenue: 2,951 M€
Spain United Kingdom
51% 49
%
Backlog12,784 M€
Spain United Kingdom
56%
44%
2011201020092008
9,714 9,967
12,378 12,425
M€
Backlog
12,784
2012
M€ United Kingdom
Spain
Revenue 1,491 1,461
Change 16.1% -5.0%
EBITDA 118 195
Change 4.4% -1.6%
Operating income
101 102
Change 4.4% -7.6%
Geographic distribution
2012 Results
Businesses
2013 Priorities
Significant events
Services Construction AirportsToll roads
• Dividends: 220M€ (38.4% over 2011)
• Adjudications:407 Extension and A-66
• 407 ETR: Increase in revenues (8.7%) and dividends
(30.7%)
• Recovery in traffic in the US and weakness in Europe
• Insolvency of R-4 and AP-36
• Opened offices in Australia and Colombia
Dividends and adjudications
M€ 2012 2011 Change
Revenues 381 390 -2.1%
EBITDA 272 283 -4.1%
Operating income 204 230 -11.3%
Dividends220 159
Results
Geographic distribution
Revenue: 636 M€Including equity holdings
20%
Spain
USA Canada Portugal Rest of the worldIreland
17%
39%
16%
5% 3%
80%INTERNATIONAL
2012 Results
Businesses
2013 Priorities
Significant events
Services Toll roads Construction Airports
• International development: 70% of revenues and
backlog
• New contracts:• 407 ETR extension (Toronto)
• US 460 (Virginia)
• Espiño and Padornelo high-speed rail tunnels (Galicia)
• Tokamak / ITER buildings (France)
• Bialystok incinerator (Poland)
• Backlog: 8,699 M€
• EBIT 298 M€ (6.9% margin)
• Cash flow: 100 M€
More international
M€ 2012 2011 Change
Revenues 4,326 4,244 1.9%
EBITDA 337 246 36.8%
Operating income 298 214 39.5%
Funds from operations (excluding taxes)
100 298
Results
Geographic distributionRevenue: 4,326 M€
Spain United Kingdom USA Poland Rest of the worldChile
3%1%
33%
23%
10%
30%
70%INTERNATIONAL
Backlog, by marketBacklog: 8,699 M€
Spain
United Kingdom
USA
Poland Rest of the worldChile
2%
70%INTERNATIONAL
Canada
8%
30%
5%
37%
3%
14%
2011201020092008
M€
Backlog
2012
8,756 8,800
9,99710,186
8,699
2012 Results
Businesses
2013 Priorities
Significant events
Services Toll roads Construction Airports
• Higher level of satisfaction among Heathrow
passengers
• Operational improvements at Heathrow airport
• All-time record at Heathrow (70M passengers)
• Divestments: 16.34% of HAH. Edinburgh and
Stansted
• First dividend: 145M€
• Bond issues: Over 3,000 M£
• Investment in improvements: 1,200 M£
Dividends and operational improvement
M£ 2012 2011 Change
Revenues 2,646 2,524 4.8%
EBITDA 1,355 1,287 5.3%
Operating income 772 634 21.8%
Traffic (M.pax) 99.7 99.2 0.5%
HAH results
2012 Results
Businesses
2013 Priorities
Significant events
Overview
Business
Development
Good operating
performance
Projects in the four businesses
Backlog Constructionand Services
Liquidity Solid financial structure
EBITDA up13%
OECD countries and focus on
emerging markets
21,483 M€62% outside
Spain
Positive net cash position 1,489
M€
• Financial discipline
• Cash flow generation
• Operational management
• Internationalization strategy
• Workplace Safety, Corporate Responsibility,
Environment and Innovation
2013 Priorities
Greater value for shareholders
Madrid, 22nd of March 2013
Quorum
Madrid, 22nd of March 2013
Shareholder remarks
Madrid, 22nd of March 2013
Agenda
1. Approval of the 2012 financial statements
Items for approval
1. Approval of the 2012 financial statements
2. Application of income and distribution of dividends
Items for approval
1. Approval of the 2012 financial statements
2. Application of income and distribution of dividends
3. Approval of the Board of Directors' management
Items for approval
1. Approval of the 2012 financial statements
2. Application of income and distribution of dividends
3. Approval of the Board of Directors' management
4. Re-appointment of auditors
Items for approval
1. Approval of the 2012 financial statements
2. Application of income and distribution of dividends
3. Approval of the Board of Directors' management
4. Re-appointment of auditors
5. Re-appointment of Directors
Items for approval
1. Approval of the 2012 financial statements
2. Application of income and distribution of dividends
3. Approval of the Board of Directors' management
4. Re-appointment of auditors
5. Re-appointment of Directors
6. Remuneration system: Share delivery plan for members
of the Board with executive functions, and Senior
Management
Items for approval
1. Approval of the 2012 financial statements
2. Application of income and distribution of dividends
3. Approval of the Board of Directors' management
4. Re-appointment of auditors
5. Re-appointment of Directors
6. Remuneration system: Share delivery plan for members of the
Board with executive functions, and Senior Management
7. Authorization granted to the Board of Directors to
acquire own shares
Matters for approval
1. Approval of the 2012 financial statements
2. Application of income and distribution of dividends
3. Approval of the Board of Directors' management
4. Re-appointment of auditors
5. Re-appointment of Directors
6. Remuneration system: Share delivery plan for members of the
Board with executive functions, and Senior Management
7. Authorization granted to the Board of Directors to acquire own
shares
8. Delegation of powers
Items for approval
Matters for advisoryvote
9. Annual report on Directors’ remuneration
10. Information on changes to the Board of Directors
Regulation
Matters of information
11. Information on the use, by the Board of Directors, of the
powers delegated by resolution 6 of the Shareholders' Meeting
held on 22 October 2009 (empowerment to the Board to issue
debentures, bonds and other financial instruments of the debt)
10. Information on changes to the Board of Directors
Regulation
Items for information
Madrid, 22nd of March 2013